India eyes oil exploration expansion after Middle East war shortages

Hit by the biggest energy supply shock in decades during the Middle East war, import-dependent India is expanding domestic crude exploration, its oil minister says.

- AFP

India, the world’s third-largest importer of oil and the second-largest buyer of liquefied petroleum gas (LPG), faced major disruptions due to restrictions on the Strait of Hormuz during the conflict between the US and Iran.

With a temporary US-Iran deal in place to pause hostilities, oil and gas shipments are flowing through the Gulf waterway again, and restrictions and price hikes in India are being rolled back.

But minister of petroleum and natural gas Hardeep Singh Puri said the energy crunch provided fresh impetus for India’s expansion of domestic supplies.

“We are currently in the process... to bid out about 250,000 sq. km of unexplored area,” Puri told AFP.

India is a modest producer in global terms.